Lords call for greater accountability of Bank of England to parliament

Monetary policy errors

A House of Lords’ economic affairs committee report into the Bank of England has argued reforms are needed to increase the central bank’s accountability to parliament.

The Making an independent Bank of England work better report, released today (27 November), found that the BoE, alongside other central banks, has made "errors in the conduct of monetary policy in recent years". Bank of England looks to other central banks in forecasting review It added that a "perceived lack of intellectual diversity" at the BoE contributed to insufficient challenging of its modelling and forecasts; and with its remit growing, there are risks jeopardising the central bank's ability to focus on its primary objects and drawing it into the government's wider policy agen...